A gentler capitalism

Still, there's good reason to think that we are at another historic pivot point. Corporations, and the people who lead them, do not exist in isolation. When society adopts new values, as Americans broadly have on issues such as climate change and sweatshop labor, executives tend to go along. Sometimes the coercive pressure of unions or government forces their hand; other times (as may be the case today with Wal-Mart) they may fear falling out of step with consumers, tarnishing their brand and gradually losing market share.

When Gates spoke at Davos about ways that business should serve the world's poor, he was striking the same chord that Andrew Carnegie did when he published "The Gospel of Wealth," arguing that the rich have a moral obligation to the less fortunate. Like Carnegie, Gates will likely have huge influence among his super-affluent peers.

A sea change like this among the far-upper class doesn't happen often. Such a shift, if truly underway today, will have enormous political consequences in the years to come. If the consensus in the executive suites is that economic inequality has risen too much, or that too many social needs like healthcare are going unmet, or that the polar ice caps might really melt, the next president and Congress will have more success tackling these problems. It is far easier to get things done in Washington when Wall Street isn't digging in its heels.

The very mission of corporations could change. If a focus on social responsibility begins to nudge aside the bottom-line orthodoxy, we can expect voluntary steps to raise wages, improve health benefits (as Wal-Mart has promised) and adopt environmentally sustainable practices.

None of these outcomes is a given. Global competition is fierce, making it harder than ever for business leaders to think beyond their balance sheets. But as more corporate leaders proclaim their commitment to social responsibility, and as politicians, unions and activists demand that they live up to this rhetoric, a new era of a gentler capitalism may truly begin.